Lippo Group has not divested its shares in Ovo, Indonesia's largest digital payment company that the group founded. (SP Photo/Ruth Semiono)

Lippo Group Takes On New Partners to Develop Ovo

BY :JAKARTA GLOBE

NOVEMBER 28, 2019

Jakarta. Lippo Group, one of Indonesia's largest conglomerates, says it is committed to the development of Ovo, the country's largest digital payment company that the group founded, as it welcomes new investment partners in the company, the group's director, Adrian Suherman, said on Thursday.

"As the founder of Ovo, we will always actively support and be part of its development," Adrian said in a statement.

Adrian's comment came after reports quoting Lippo founder Mochtar Riyadi appeared in local media suggesting the group had sold two-thirds of its shares in Ovo.

What happened was that Lippo had opened up opportunities to partner with other investors in Ovo to support the company's growth and development, Adrian said.

Lippo Group's commitment to bring new partners to Ovo is expected to help the company continue improving its services for customers.

"We are the founder and remain a shareholder of Ovo. We are proud to continue to be part of a business that has become an important aspect of the daily life of many Indonesians," Adrian said.

Adrian said Ovo is a source of national pride and that Lippo would continue to support efforts by the government, Bank Indonesia and the Financial Services Authority to improve financial inclusion in the country.

Ovo is now valued at more than $1 billion, making it the fifth Indonesian unicorn after ride-hailing service Gojek Indonesia, e-commerce companies Tokopedia and Bukalapak, and travel marketplace Traveloka.